- EUR/USD bulls struggling to increase management.
- A possible symmetrical triangle in play on the 4H chart.
- Acceptance above 1.2174 is crucial, as focus shifts to Fed.
The Fed is prone to strike a dovish tone, which may additional overwhelm on the dollar. On the time of writing, the primary foreign money pair trades at 1.2160, nearly unchanged on the day.
From a near-term technical perspective, the spot is hovering within the higher band of the current buying and selling vary, having carved a possible symmetrical triangle formation on the four-hour chart.
A bullish breakout shall be confirmed provided that the value takes out the falling trendline (triangle) resistance at 1.2174 on a sustained foundation. At that degree, the 100-simple transferring common (SMA) coincides.
For the time being, the euro pair is clinging onto the 21-SMA at 1.2157, awaiting a robust buying and selling impetus. The upside break may name for a take a look at of the 200-SMA at 1.2189, above which the 1.2200 might be probed.
Alternatively, the horizontal 50-SMA at 1.2130 would supply preliminary help. Additional south, a breach of the rising trendline help at 1.2119 may yield a breakdown, opening flooring in the direction of January lows close to mid-1.2100s.
The Relative Power Index (RSI) factors greater above the midline, suggesting that there’s further room to the upside.
EUR/USD: 4-hour chart
EUR/USD: Further ranges